Retail Site Figures in Revitalization

WHITTIER, CA-NewMark Merrill Cos. of Woodland Hills has acquired a Big Lots center here that is expected to play a key role in the revitalization of Whittier Boulevard. The property at the northwest corner of Whittier Boulevard and Painter Avenue is one of two retail centers in the L.A. area to trade in recent days; the other was North Ranch Gateway, an 86,000-sf center in Westlake Village that Dallas-based Crow Holdings bought.

The Big Lots center consists of the 35,000-sf Big Lots store and 167,000 sf of land. Sandy Sigal, president and CEO of NewMark Merrill says that the company will be working with Whittier city officials on plans to revitalize Whittier Boulevard. "We feel this is going to be one of the key pieces to their overall redevelopment plan," Sigal says.

NewMark Merrill's newly acquired project is just off of the 605 Freeway at the Whittier Boulevard off-ramp. The company, which will be responsible for all property management and marketing duties for the center, sees potential in the population of more than 85,000 within a five-mile radius and the center's location about 12 miles southeast of Los Angeles.

Sigal and Jim Patton, director of leasing and acquisitions with NewMark Merrill, led negotiations for the acquisition of the site, with Matt Sullivan and Bob Hoyt of Colliers-Seeley representing the private sellers. The acquisition adds to a NewMark Merrill track record that has included the management, acquisition and/or development of more than 5.5 million sf of shopping centers in 30 cities.

In the Westlake Village transaction, Crow Holdings gets a 100% leased retail center in what the buyer describes as "a dense and affluent neighborhood" where barriers to entry are high.

The center is less than half a mile north of the Ventura Freeway at the northeast corner of Thousand Oaks Boulevard and Lindero Canyon Road.

"North Ranch Gateway fits perfectly with our strategy of purchasing well-located centers in dense and affluent markets with high barriers to entry," comments Bob McClain of Crow Holdings. McClain says that Crow "would welcome the opportunity to expand our holdings in California."

Tenants at the center include a variety of national, regional and local retailers, including TJ Maxx and Barbeques Galore. Approximately 58% of the property is leased to national tenants such as Baja Fresh, Cort Furniture and Curves for Women. Crow Holdings has retained Shelter Bay to property manage the center and CB Richard Ellis to provide leasing.